Kmart COO steps down

DebraMcGarry

TROY, Mich. (CBS.MW) - Kmart Corp. said late Wednesday that Andy Giancamilli is stepping down as president and chief operating officer as the nation's third largest U.S. retailer struggles with dismal profits.

The Troy, Michigan-based retailer selected Mark Schwartz to succeed Giancamilli. Schwartz joined Kmart as an executive vice president of its store operations just six months ago.

Schwartz, who started his retailing career at the age of 16, became a Woolco store manager six years later. At Wal-Mart, Schwartz grew its supercenter store business from 10 stores in 1989 to 400 in less than 10 years.

Schwartz, a 16-year Wal-Mart veteran, jumped to Kmart from Big V Supermarkets Inc. where he served as president and chief executive officer.

Giancamilli spent the last six years at Kmart.

Kmart, which has been bruised by sales from discount stores Wal-Mart and Target, this week recorded same-store sales up a mere 3.3 percent in February.

Kmart
KM
shares dropped 4 percent, or 37 cents, to close at $8.72 ahead of the news.

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